STEP 6: NEGOTIATIONS
• Negotiations. The seller can accept, reject, or ignore your initial Offer. He can also make you a Counter Offer, which is usually a higher price than you offered or a change of terms.
• After the Counter Offer, the buyer and seller may go back and forth with Counter Offers to arrive at a mutally acceptable final sale price and terms. Or, one of the parties will drop out of the negotiating process and move on to other buyers/sellers.
• During this negotiating process, until the contract is finalized by all parties, the seller can and will continue to accept other offers. If he gets an offer better than yours, he may take the other offer instead. That's why it's important to offer a fair price and request quick turn-around times for contract approvals.
• If the buyers and sellers cannot come to an agreement, you will continue shopping for houses and find another one. Although you should be excited, don't get too emotionally hooked on the house just yet.
• The final sale price may be negotiated even further, depending upon the results of the home inspection and other reports. Unless the seller gave you copies of inspections before you made your offer, you probably won't discover any major problems with the house until you are in escrow and complete your inspections.
• Most Realtors use standard forms which are written with input from many attorneys and are fair to all parties. The forms and clauses have been tested by time and are approved by most attorneys. However, if you would like to have your attorney review your documents, now is the time to do so (please inform your Realtor®).
• Start packing your house! Packing and moving is a huge effort and can be stressful for everyone. So stay excited enough to give you the energy needed to pack up.
• But don't get your hopes up too high, since many transactions "fall out" of escrow and you may be disappointed. You don't want to be so emotionally attached to this house that you can't make a good business decision to back out if you find out that it has major problems. Keep a back-up plan for the other houses you liked.
SEE ALL OF THE STEPS HERE (click on the links below)
1. PREPARE FOR HOME OWNERSHIP
2. GET READY TO SHOP FOR HOUSES
3. FIND A HOUSE
4. MAKE YOUR OFFER
5. ITEMS COVERED IN PURCHASE CONTRACT
6. NEGOTIATIONS
7. DURING ESCROW
8. CLOSING ESCROW
9. YOUR NEW HOME
Are you ready? Let's go! Take your first STEP today towards making your DREAM a reality!
Join my new AR group and post your blog at http://activerain.com/groups/virtualoffice
Regina P. Brown
Broker, Realtor®, e-Pro
Author of eBook "Stop Foreclosure Fast: Solutions to Save your House"
Text copyright © 2009 R.P. Brown, All Rights Reserved
;)
;)
;)
